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Bitcoin Forms Pennant Pattern Close to Crucial $30,000 Resistance Level

Sun, 04/09/2023 - 13:30
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Alex Dovbnya
Bitcoin's recent price movements have captured the attention of financial analysts and investors, as a pennant pattern forms near the pivotal $30,000 resistance level
Bitcoin Forms Pennant Pattern Close to Crucial $30,000 Resistance Level
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Renowned financial analyst Jesse Colombo recently took to Twitter to share his observations on the current Bitcoin trend, pointing out that a pennant pattern appears to be forming just under the critical $30,000 resistance level. Colombo asserts that if Bitcoin can successfully break out of this pattern and surpass the $30,000 mark with substantial trading volume, it would serve as a bullish confirmation signal for the cryptocurrency.

In a follow-up tweet, Colombo highlighted the significance of the $30,000 resistance level, referring to the weekly Bitcoin chart. The chart illustrates the crucial nature of this resistance point, which could play a pivotal role in determining the future trajectory of Bitcoin's price. Market participants are closely watching this level, as a successful breach could signal further gains.

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Colombo also shared his investment strategy, emphasizing his belief in holding gold, silver, and Bitcoin as a hedge against an impending monetary crisis. He argued that the global economy's dependence on money-printing to stay afloat is unsustainable and will ultimately lead to the collapse of fiat currencies.

As the bellwether cryptocurrency continues to hover near the crucial $30,000 resistance level, investors and traders alike are keeping a close eye on market movements. A breakout above this level could signal renewed bullish momentum. However, a failure to surpass it may lead to a period of consolidation or potential downtrend. The next few trading sessions will be crucial in determining Bitcoin's short-term future.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at